balloon addendum n.— «The friend asked her if she was aware of something called a “balloon addendum.” The addendum states that in 40 years, when she is in her 80s, she will have to make one payment for the entire remaining...
reborn renter n.— «In addition to prospective buyers who are waiting it out, there also is the “reborn renter,” a term used to describe people who have lost their house to foreclosure and are now back on the rental market...
mark to myth n.— «Banking auditors are watching carefully to ensure bank valuations based on in-house mathematical models are not, in the phrase coined by Warren Buffett, “mark to myth.” In the backwash of the credit crisis, U...
swaption n.— «“Another thing the county can do which the typical homeowner cannot is change interest rates without repaying the debt and taking out a new loan. This is done through what is sometimes called a swap.” Lancaster County...
most-favored-nations clause n.— «Both the Allison and First Data offerings included what amounts to a buyer’s protection plan against further price cuts on the loans. Under what is known as a most-favored-nations clause, if the banks sell...
scratch and dent loan n.— «The “other” category includes…scratch and dent loans and resecuritizations.» —by Frank J. Fabozzi Handbook of Mortgage-Backed Securities Dec. 21, 2005. (source: Double-Tongued...